Endowus launches CPF Calculator to provide Singaporeans with a hyper-personalised experience to close retirement gap
Endowus has launched the Endowus CPF Calculator to help Singaporeans create a hyper-personalised plan that is designed to help users to make better CPF financial planning decisions throughout their lives. This is the first time such a tool is created, taking into account one’s personal financial circumstances, CPF balances and desired retirement age and income, to provide insights on how best to optimise their CPF account.
The launch right after the release of The Endowus Singapore Retirement Report with the objective of better understanding Singaporean attitudes towards the generational challenge of retirement and the role that CPF monies play in building a retirement lifestyle that is closer to individual goals. Through this survey commissioned with YouGov Singapore of 1,099 respondents, data showed that 1 in 3 Singaporeans are worried about retirement adequacy and almost 1 in 2 (45%) not having started planning.
The user is first prompted to share their age, salary and CPF balances, then their desired retirement age and retirement income. With these inputs, the calculator will be able to estimate how long the user’s CPF balance can last after retirement, and also the growth and decline of the user’s CPF balance at different life stages.
The user will also be sent a personalised CPF Prepared Report on the projected balance of their CPF accounts to help better plan for housing purchases, and how they can grow their CPF accounts by investing or making use of existing CPF schemes. The Report also helps them quantify how their financial plans, such as retiring later, or using less CPF for monthly mortgage payment, can impact their retirement adequacy.
The Endowus Retirement Report, an online survey commissioned in May 2021 to be nationally representative, showed that nearly a third of Singaporeans (31%) are looking for a tool that can help understand the impact of financial decisions around managing their CPF, with an equally high percentage (28%) indicating that they are keen on a tool that can help them estimate retirement income from their CPF.
The survey shows that only 53% plan to use CPF for retirement, despite many (89%) being aware of CPF usage for retirement. The results indicate that more can be done to help Singaporeans quantify and understand the impact of effectively using CPF and CPF LIFE for retirement.
“Providing Singaporeans with the tools and insights to help them better utilise CPF for their retirement planning is critical for us as the first and only digital advisor for CPF monies.” It is essential for Singaporeans to look beyond their CPF for a viable financial future.” said Gregory Van, Chief Executive Officer of Endowus. “Beyond providing our clients with an investment solution, we want them to be able to make informed financial plans so they can stay disciplined with their financial goals. By providing Singaporeans with a tool to visualise how they can effectively grow their CPF, we are hoping to empower people to actively plan for their short term financial needs and retire adequately and meaningfully. ”
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